Montana's largest operator of gaming machines, Billings-based Century Gaming Inc., has entered an agreement to sell to Illinois-based Accel Entertainment Inc. for $140 million, the companies jointly announced Tuesday.
Century Gaming operates as Century Gaming Technologies and controls more than 8,500 machines in 900 locations in Montana and Nevada, including taverns, convenience stores and small casinos. Century is known for its popular “Gamblers Bonus” player rewards platform and “i-Rewards” customer relationship management system, according to the company.
The deal is expected to close at the end of 2021, funded through Accel's cash on hand, borrowing and stock. Accel is the largest slot machine operator in the nation.
“We are excited to join the Accel team," said Steve Arntzen, CEO of Century, in a statement. "With Accel, we will be exceptionally positioned to expand our operations while continuing to lead the industry in cutting-edge emerging gaming technologies that support both our operators and their players. We look forward to working with Accel to grow our business in our home states of Nevada and Montana and to deepen our partnership in the years to come.”
The two companies expect they will generate about $220 million in revenue combined in 2021.
“We are thrilled to welcome Steve Arntzen and the Century team to the Accel family and look forward to leveraging this compelling transaction that will provide significant and attractive growth opportunities for both companies,” said Accel CEO Andy Rubenstein in a statement. “We are constantly seeking innovative opportunities to broaden our reach and expand our operations into new markets. As we continue to scale our presence across the United States, Steve and his leadership team at Century make for an ideal partner in the Western U.S.”
Accel Entertainment trades publicly on the New York Stock Exchange. Shares closed at $11.14 Tuesday, down about 5 percent over the day.